Report generator apparatus for allowing a financial entity to monitor securities class action lawsuits and potential monetary claims resulting therefrom

ABSTRACT

Reports are automatically created of securities class action lawsuits customized to show potential monetary claims resulting from the lawsuits for securities purchased or acquired by one or more financial entities. To produce the reports, a database of securities class action lawsuits is maintained. The lawsuit database includes a subset of securities class action lawsuits that are deemed to be noteworthy by the entity that administers the system. A comparison is made for each financial entity of transaction activity of the financial entity with records in the database subset of securities class action lawsuits to identify any securities purchased or acquired by the financial entity that are associated with a securities class action lawsuit in the lawsuit database and which may provide a potential monetary claim for the financial entity. A report is then created for each financial entity showing the noteworthy lawsuits. For the lawsuits that were identified as providing a potential monetary claim for the financial entity and which are deemed to be noteworthy, the report includes the potential monetary claim for the financial entity based on the transaction activity of the financial entity. A similar process occurs for creating a watchlist report of securities class action lawsuits of interest to financial entities customized to show potential monetary claims resulting from the lawsuits for securities purchased or acquired by one or more financial entities.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a continuation of copending U.S. application Ser.No. 11/545,799 filed Oct. 10, 2006, which, in turn, is acontinuation-in-part of U.S. application Ser. No. 10/641,578 filed Aug.14, 2003, now U.S. Pat. No. 7,146,333. The entire disclosure of bothpatent applications are incorporated herein by reference.

COPYRIGHT NOTICE AND AUTHORIZATION

Portions of the documentation in this patent document contain materialthat is subject to copyright protection. The copyright owner has noobjection to the facsimile reproduction by anyone of the patent documentor the patent disclosure as it appears in the Patent and TrademarkOffice file or records, but otherwise reserves all copyright rightswhatsoever.

BACKGROUND OF THE INVENTION

Many financial entities, such as investment companies and publicly andprivately held investment funds have a fiduciary responsibility tomanage their assets for the exclusive benefit of their shareholders orbeneficiaries. One aspect of this duty is to take all reasonable stepsto collect any money that the financial entity may be entitled to forsecurities that were purchased or acquired by the financial entity andthat suffered a “market loss” which was determined to be compensable ina securities class action lawsuit (also, referred to as a “securitiesfraud class action”).

When a securities class action lawsuit is filed or concluded, no partyin the lawsuit is required to identify all of the financial entitiesthat suffered a market loss. When a securities class action lawsuit isconcluded, a “settlement notice” is issued. Parties who believe thatthey are entitled to an award under the terms of the settlement notice(i.e., class members) must timely file a “proof of claim” with a claimsadministrator to receive monies from the settlement. The burden falls onthe financial entities that suffered the loss to identify theireligibility to participate in the lawsuit and to receive a recoveryaward.

Hundreds of securities class action lawsuits are filed every year. Sincesecurities class action lawsuits are typically pending for many years,there may be thousands of such lawsuits pending at any time. A largefinancial entity such as a public pension fund may hold thousands ofsecurities at any one time, and may trade thousands of securities eachyear. To be eligible for a monetary award from a securities class actionlawsuit, the security typically must have been purchased during the“class period” specified in the lawsuit. Sometimes, eligibility existsif the security was acquired (by other than a purchase) or sold duringthe class period.

It is a complex and monumental task for financial entities to monitorall significant securities class action lawsuits to (a) determine when apotential market loss exists for security that was purchased or acquiredby the financial entity during the class period, (b) estimate the amountof loss, and (c) determine whether it is prudent to take measures to tryto recover part of the loss. Accordingly, many financial entities takeno measures to identify and seek recoveries despite the fiduciaryresponsibility to do so.

In instances where a financial entity suffered a significant estimatedmarket loss, it may be prudent for the financial entity to play anactive role in the lawsuit, such as by being a lead plaintiff or byfiling an individual action. However, this decision will be forfeited ifthe financial entity fails to identify their estimated market loss earlyon in the lawsuit. If the estimated market loss only justifies a passiverole for the financial entity, it is still necessary for the financialentity to monitor the lawsuit if a recovery is desired.

An automated management tool that allows a financial entity to receivereports which evaluate their position with respect to any givensecurities class action lawsuit and which track any identified potentialmarket loss through the conclusion of a lawsuit would allow financialentities to more easily fulfill their fiduciary responsibility withrespect to securities class action lawsuits without unduly burdening thefinancial entities with administrative tasks. The present inventionfulfills such a need.

BRIEF SUMMARY OF THE INVENTION

In a first embodiment, the present invention provides a system andmethod that automatically creates reports to allow a financial entity toreview and track potential monetary claims resulting from securitiesclass action lawsuits for securities purchased or acquired by thefinancial entity. To create the reports, a first database of transactionactivity for the financial entity is accessed. The transaction activityincludes an identification of each security purchased or acquired, andthe date of each purchase or acquisition. A second database ofsecurities class action lawsuits is accessed. The second databaseincludes for each lawsuit an identification of all securities associatedwith the class action lawsuit, and the class period of the lawsuit. Thetransaction activity of the financial entity is automatically comparedwith the securities class action lawsuits in the second database, andany securities purchased or acquired by the financial entity during theclass period that are associated with an entered securities class actionlawsuit are identified. The identified securities may provide apotential monetary claim for the financial entity. A report is thenautomatically created of at least the lawsuits that may provide apotential monetary claim for the financial entity based on thetransaction activity of the financial entity. The report also includesestimated market loss and eligible loss information, as well as anyactions recommended to be taken by the financial entity regarding thelawsuits.

In a second embodiment, the present invention provides a method ofcreating reports of noteworthy securities class action lawsuitscustomized to show potential monetary claims resulting from the lawsuitsfor securities purchased or acquired by one or more financial entities.

The method operates as follows:

1. A database of securities class action lawsuits is maintained.

2. The lawsuit database includes a subset of securities class actionlawsuits that are deemed to be noteworthy by the entity that administersthe system.

3. A comparison is made for each financial entity of transactionactivity of the financial entity with records in the database subset ofnoteworthy securities class action lawsuits to identify any securitiespurchased or acquired by the financial entity that are associated with asecurities class action lawsuit in the lawsuit database and which mayprovide a potential monetary claim for the financial entity.4. A report is created for each financial entity showing the noteworthylawsuits. For the lawsuits that were identified as providing a potentialmonetary claim for the financial entity and which were deemed to benoteworthy, the report includes the potential monetary claim for thefinancial entity based on the transaction activity of the financialentity.

In the second embodiment, the present invention also provides method ofcreating watchlist reports of securities class action lawsuits ofinterest to financial entities customized to show potential monetaryclaims resulting from the lawsuits for securities purchased or acquiredby one or more financial entities. The method operates as follows:

1. A database of securities class action lawsuits is maintained.

2. A watchlist database of lawsuits is maintained for each financialentity which includes a subset of lawsuits in the database that areidentified by the financial entity as lawsuits of particular interest.

3. A comparison is made for each financial entity of transactionactivity of the financial entity with records in the database subset ofsecurities class action lawsuits to identify any securities purchased oracquired by the financial entity that are associated with a securitiesclass action lawsuit in the lawsuit database and which may provide apotential monetary claim for the financial entity.4. A watchlist report is created for each financial entity of thewatchlist lawsuits. For the lawsuits that were identified as providing apotential monetary claim for the financial entity and which are on thewatchlist, the watchlist report includes the potential monetary claimfor the financial entity based on the transaction activity of thefinancial entity.

BRIEF DESCRIPTION OF THE DRAWINGS

The foregoing summary, as well as the following detailed description ofpreferred embodiments of the invention, will be better understood whenread in conjunction with the appended drawings. For the purpose ofillustrating the invention, there is shown in the drawings embodimentswhich are presently preferred. It should be understood, however, thatthe invention is not limited to the precise arrangements andinstrumentalities shown.

In the drawings:

FIGS. 1-22 are screen shots and report printouts associated with a firstembodiment of the present invention, implemented as a web-enabledservice.

FIGS. 23-31 show additional reports that are available when using thesystem of the present invention in accordance with a first embodiment.

FIG. 32 is a database diagram of the report creation and accessing inaccordance with a first embodiment of the present invention.

FIG. 33 shows a representation of transaction activity as obtained fromthe custodial records of a fictional financial entity in accordance witha first embodiment of the present invention.

FIG. 34 is a schematic diagram of the custodial record retrieval andstorage process.

FIGS. 35-39 show sample input screens for entering lawsuits into adatabase and for tracking client data in accordance with a firstembodiment of the present invention.

FIG. 40 shows the data associated with an estimated market losscalculation in accordance with a first embodiment of the presentinvention.

FIG. 41 shows the data associated with an eligible loss calculation inaccordance with a first embodiment of the present invention.

FIGS. 42A-42B and 43-45 are screen shots and report printouts associatedwith a second embodiment of the present invention, implemented as aweb-enabled service.

FIG. 46 is a loss chart associated with a second embodiment of thepresent invention.

FIG. 47 is a client summary report associated with a second embodimentof the present invention.

FIG. 48 is a client transactions summary report associated with a secondembodiment of the present invention.

FIG. 49 is a retention value summary report associated with a secondembodiment of the present invention.

FIG. 50 is a report output that shows recent noteworthy cases associatedwith a second embodiment of the present invention.

FIGS. 51A-56 are additional report outputs associated with a secondembodiment of the present invention.

FIG. 57 is an entity relationship diagram of the database associatedwith a second embodiment of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

Certain terminology is used herein for convenience only and is not to betaken as a limitation on the present invention. In the drawings, thesame reference letters are employed for designating the same elementsthroughout the several figures.

This patent application includes an Appendix having a file namedappendix601942-1U1.txt, created on Sep. 18, 2009, and having a size of142,049 bytes. The Appendix is incorporated by reference into thepresent patent application. The Appendix is subject to the “CopyrightNotice and Authorization” stated above.

1. Overview of First Embodiment of Present Invention

One preferred embodiment of the present invention is described in thecontext of a service provided by Barrack, Rodos & Bacine, Philadelphia,Pa., a partnership including professional corporations. The service,referred to as BEAMS®, allows a financial entity to access various typesof static reports via the Internet by logging onto a website. Theservice updates the reports on a periodic basis to reflect the mostcurrent information pertaining to the financial entity and the status ofsecurities class action lawsuits tracked by the service. Preferably, theservice is provided to a plurality of financial entities or clients.(“Financial entities” and clients are referred to interchangeablyherein.) Each financial entity has password protected access to receiveonly reports that pertain to their portfolio.

The financial entity may be any form of entity that has an identifiableinvestment portfolio. Therefore, the financial entity may be aninvestment company, a pension fund, a trust, an individual investor, orthe like.

To generate the reports, the service performs the following functions,each of which is described in detail below:

1. Maintain a first database of transaction activity (e.g., tradingrecords) for a financial entity. The transaction activity includes atleast an identification of each security purchased or acquired, and thedate of each purchase or acquisition.

2. Maintain a second database of securities class action lawsuits. Thesecond database includes for each lawsuit at least an identification ofall securities associated with the class action lawsuit, and the classperiod of the lawsuit.

3. Compare the transaction activity of the financial entity with thesecurities class action lawsuits in the second database.

4. Identify any securities purchased or acquired by the financial entityduring the class period that are associated with an entered securitiesclass action lawsuit. The identified securities may provide a potentialmonetary claim for the financial entity.

5. Calculate an estimated market loss for each of the identifiedsecurities, and upon settlement of the respective lawsuit, calculate theeligible loss.

In one preferred embodiment of the present invention, four differenttypes of reports are generated, as follows:

1. Class Action Activity Filing Report (by company name or lead motiondue date). This report shows all lawsuits in the second database,including any lawsuits that do not provide a potential monetary claimfor the financial entity based on the transaction activity of thefinancial entity.

2. Pending Class Action Monitor Report (by company name or lead motiondue date). This report shows only the lawsuits in the second databasethat provide a potential monetary claim for the financial entity basedon the transaction activity of the financial entity.

3. Pending Claims Administration Report (by case name or claim deadlinedate). This report shows both the estimated loss and the eligible lossfor the financial entity.

4. Claims Recovery Report (by company name or recovery forward date).This report estimated loss, eligible loss, and the recovery received.

2. Detailed Disclosure of First Embodiment of Present Invention

One important feature of the present invention is the ability to presentthe reports described above to the financial entity. To illustrate thereport capabilities and report accessing process, a sample instructionmanual is provided below. In the sample, reports for an imaginaryfinancial entity entitled “Nirvana Pension Fund” are shown. The reportsare shown as screen shots and are also shown as they appear if printedout. The securities class action lawsuits shown in the reports areactual lawsuits. In the illustrated example, the client (Nirvana)accesses the reports via the Internet by using a browser to log onto aweb site.

I. Instruction Manual

How to Access Nirvana's Reports Through Barrack, Rodos & Bacine's WebPage

1. Go to www.barrack.com

2. Click on “Click here to enter main site,” which is below openinggraphic

3. Click on the “Institutional log-on” button in the upper-right corner

4. A Network Password box, as pictured in FIG. 1, will prompt you toenter your User Name and Password information, which has been providedto you by Barrack, Rodos & Bacine (“BR&B”)

5. You are now on the Barrack, Rodos & Bacine/Nirvana's Report Linkspage (pictured in FIG. 2)

Client Reports Available Via Barrack, Rodos & Bacine Web Site

There are four types of reports, each of which is sorted in two ways. Torun any of the eight reports listed below, click on the report name.Descriptions of these reports and how to use are described below insections A-D.

What is the (?): When you click on the (?) next to the name of a report,a brief description of that report is displayed.

A. Class Action Activity Filings Report (Sorted by Lead Motion Due Date)and Class Action Activity Filings Report (Sorted by Case Name)

What Are These Reports: These reports provide an overview of securitiesclass actions filed since (DATE). The report can be used to determinewhether Nirvana had a position in any given case. If there were notransactions during a given class period, there is “no activity,”therefore Nirvana has no claim and no action is recommended. If,however, there are transactions during the relevant class period,calculations are made in order to determine whether Nirvana suffered aloss as a result. If Nirvana suffered a loss in a given case, that lossappears in the “Estimated Market Loss” column. Analysis is made as tothe appropriate action to take, which is listed in the “ActionRecommended” column. When a loss has been suffered, the case alsoappears on the Class Action Monitor Report.i. Trade Status Terms

Abbreviation Description ACT Activity during Class Period ACTFGNActivity/Foreign Shares Only ACTFGNBNDS Activity/Bonds & Foreign SharesOnly ACTPFT Activity/Profit during Class Period BONDS Bonds Only DINCData Incomplete D/N/A Data Not Available NACT No Activity during ClassPeriod SRCHPEND Search Pending CALUR Calculation Under Review CHINPROGChart in Progressii. Action Recommended Terms

Abbreviation Description FDA File Derivative Action FIA File IndividualAction INV Further Investigation Required LOCP Loss Outside of ClassPeriod/Possible Individual Action M Monitor MPS Monitor/PendingSettlement N None NCF None/Claim Filed NRR None/Recovery Received PCPossible Claim PLOCP Partial Loss Outside of Class Period/Possible Ind.Action RL Recommended Lead RLM Recommended Lead/Moved RLA RecommendedLead/Appointed UR Under ReviewThis is How it Works: When BR&B receives notice that a securities classaction suit has been filed, BR&B searches your fund's transactioninformation for purchases of that particular stock during the reportedclass period. These reports will list the class actions that have beenfiled during a specific time period. For Nirvana, cases filed as earlyas (DATE) may be selected to be listed on this report. These reportswill list the cases that have been filed during a specific time periodlisting the transaction results from the search. These reports includecases that BR&B has searched on behalf of your fund, noting whether ornot it had activity during the class period or if the data is notavailable.

The following information is listed on this report: Lead Motion DueDate, Company/Case Name; Ticker; Cusip/ISIN; Class Begin Date; Class EndDate; Expanded Class Begin; Expanded Class End; Trade Status; EstimatedMarket Loss; Profit; Action Recommended (by BR&B).

How to Run The “Activity Filings” Reports: When you click on the reportname, a screen, pictured in FIG. 3 is displayed.

“Start Date”—“End Date” boxes require dates. The dates that are beingrequested are the Case Filed dates. For example, you may want to see theclass action cases that were filed during the time period of Jan. 1,1998 through Aug. 1, 2003 in which BR&B searched Nirvana's transactionalinformation. The dates should be entered as displayed above. Click OK.

The report will appear on your screen as pictured in FIG. 4.

You may: (a) view this entire report on the web; (b) print the report;(c) download the report to an Excel spreadsheet; or (d) search for aparticular item.

Search Feature: You may enter the name of any company, ticker symbol,cusip number in the search box field, and a window will be displayedwith the search results.

To Print this Report: Select “Printer-Friendly” above and “Download”.The Report will be displayed as pictured in FIG. 5. Choose File andPrint (remember that all reports should be printed in “landscape”.)(Note: full printouts of the “Activity Filings” reports are shown inFIG. 6 and FIG. 7.)To Download to Excel: Choose the Excel option and “Download”.B. Pending Class Action Monitor Report (Sorted by Lead Motion Due Date)and Pending Class Action Monitor Report (Sorted by Case Name)What Are These Reports: These reports serve as a monitoring tool toassist the Nirvana's board and staff in monitoring cases in whichNirvana has a loss position. When losses are incurred which exceedNirvana's thresholds for consideration of lead plaintiff status, BR&Bwill analyze the case and make a recommendation as to the appropriateaction, providing a copy of such analysis to Nirvana's General Counsel.As settlement notices occur in the future, such notices will bemonitored and appropriate action will be recommended. Typically, thecase will be moved to the Claims Administration Report. If, however, wedetermine the settlement is inappropriate in some way, other action(such as opting out or objecting) may be recommended.No New Terms Appear on This Report.This is How it Works: When BR&B receives notice that a securities classaction suit has been filed, BR&B searches your fund's transactionalinformation for its purchases in that particular stock during thereported class period. This report will list only those class actionsfor which BR&B has performed a search for Nirvana and for which Nirvanahas suffered a loss.

Listed on this report is the following information for each case: LeadMotion Due Date, Company/Case Name; Ticker; Cusip/ISIN; Class BeginDate; Class End Date; Expanded Class Begin; Expanded Class End; TradeStatus; Estimated Market Loss; Action Recommended (by BR&B).

How to Run The “Monitor” Reports: When you click on the report name, ascreen, pictured in FIG. 8, is displayed:

“Start Date”—“End Date” boxes require dates. The dates that are beingrequested are the Case Filed dates. For example, you may want to see theclass action cases that were filed during the time period of Jan. 1,1998 through Aug. 1, 2003 in which BR&B searched Nirvana's transactionalinformation and Nirvana has suffered a loss. The dates should be enteredas displayed above. Click OK.

The report will appear on your screen as pictured in FIG. 9.

You may: (a) view this entire report on the web; (b) print the report;(c) download the report to an Excel spreadsheet; or (d) search for aparticular item.

Search Feature: You may enter the name of any company, ticker symbol,cusip number in the search box field, and a window will be displayedwith the search results.

To Print this Report: Select “Printer-Friendly” above and “Download”.The Report will be displayed as pictured in FIG. 10. Choose File andPrint (remember that all reports should be printed in “landscape”.)(Note: full printouts of the “Monitor” reports are shown in FIG. 11 andFIG. 12.)To Download to Excel: Choose the Excel option and “Download”.C. Pending Claims Administration Report (Sorted by Claim File DeadlineDate) and Pending Claims Administration Report (Sorted by Company)

What Are These Reports: These reports monitor the status of Nirvana'ssecurities class action claims in cases settled from (DATE) forward (inboth passive cases and those in which Nirvana may choose to take a moreactive role). It is an excellent tool for Nirvana and its Board toinsure that it is complying with its fiduciary duty to collect allclaims to which it is entitled. Cases listed on this report include boththose cases in which Nirvana suffered a loss during the class period andthose cases in which Nirvana could potentially have a claim (if part ofthe class period precedes the data baseline, further investigation needsto be made prior to the claim filing deadline). As notice of recovery isreceived by BR&B from your custodial bank, the case (and the amountreceived) will be moved from this report to the Claims Recovery Report.

Terms—Claim Status:

Abbreviation Description CF Claim Filed RR Recovery Received CLINVClient Investigation Required CUSTCF Custodian Filed Claim N/A NotApplicable NC No Claim Per Plan of Allocation CFNR ClaimFiled/Ineligible NCF No Claim on File TBF Claim To Be Filed TBV Claim ToBe Verified with Settlement AdministratorThis is How it Works: When a securities class action case is settled andsettlement has been approved by the Court, BR&B will determine whetherNirvana has or may have suffered a loss in connection with the case. IfNirvana has suffered a loss in a settled case for which it may receivecompensation, the case will appear on the Pending Claims AdministrationReport. Once a recovery has been received (and BR&B has been notified ofthe amount received) or it has been determined that Nirvana is noteligible to participate in the claims recovery for the case, the casewill be removed from this report.

Listed on this report is the following information for each case:Company/Case Name; Ticker; Cusip/ISIN; Class Begin Date; Class End Date;Claim Deadline Date; Claims Administrator; Date Claim Filed; ClaimStatus; Trade Status; Estimated Market Loss; Eligible Loss.

How to Run The “Claims Administration” Reports: When you click on thereport name, a screen, pictured in FIG. 13, is displayed:

Click on “Continue to the report”

Special Note: The Claims Administration reports are NOT date generatedreports. Settled cases in which Nirvana is eligible or may be eligibleto receive a recovery will be displayed on this report. Once a recoveryis received by Nirvana, and BR&B has been notified of receipt, thatparticular case will be moved to the Recovery Reports.

The report will appear on your screen as pictured in FIG. 14.

You may: (a) view this entire report on the web; (b) print the report;(c) download the report to an Excel spreadsheet; or (d) search for aparticular item.

Search Feature You may enter the name of any company, ticker symbol,cusip number in the search box field, and a window will be displayedwith the search results.

To Print this Report: Select “Printer-Friendly” above and “Download”.The Report will be displayed as pictured in FIG. 15. Choose File andPrint (remember that all reports should be printed in “landscape”.)(Note: full printouts of the “Claims Administration” reports are shownin FIGS. 16 and 17.)To Download to Excel: Choose the Excel option and “Download”.D. Claims Recovery Report (Sorted Claim File Date) and Claims RecoveryReport (Sorted by Case Name)What Are These Reports: These reports will list proceeds received byNirvana per Nirvana's custodial information provided to BR&B.This is How it Works: When BR&B has been notified that Nirvana hasreceived notice of a recovery check from a claims administratorrepresenting Nirvana's pro rata share of a settlement fund, (which wasthe result of a claim filed by your custodial bank) BR&B will keep trackof these recoveries received by date of recovery with the amount of eachrecovery.

Listed on this report is the following information for each case:Company/Case Name; Ticker; Cusip/ISIN; Claims Administrator; RecoveryForward Date; Recovery Amount Received; Estimated Market Loss; EligibleLoss.

How to Run The “Recovery” Reports: When you click on the report name, ascreen, pictured in FIG. 18, is displayed.

“Start Date”—“End Date” boxes—require dates. The dates that you arebeing prompted to enter are the Recovery Forward Dates. For example, youmay want to see all recoveries that BR&B has recorded for Nirvana forthe time period of Jan. 1, 2003 through Aug. 1, 2003. The dates shouldbe entered as displayed above. Click OK.

The Report will appear on your screen as pictured on FIG. 19.

You may: (a) view this entire report on the web; (b) print the report;(c) download the report to an Excel spreadsheet; or (d) search for aparticular item.

Search Feature: You may enter the name of any company, ticker symbol,cusip number in the search box field, and a window will be displayedwith the search results.

To Print this Report: Select “Printer-Friendly” above and “Download”.The Report will be displayed as pictured on FIG. 20. Choose File andPrint (remember that all reports should be printed in “landscape”.)(Note: full printouts of the “Recovery” reports are shown on FIGS. 21and 22.)To Download to Excel: Choose the Excel option and “Download”.Note: The recovery information listed on the sample/draft ClaimsRecovery reports attached hereto contain claims recovery informationthat Nirvana and/or its custodial bank has furnished to BR&B.End of Instruction Manual

FIG. 23 shows another example of an Activity Filings Report (allinclusive, by company) for a second client.

FIGS. 24-31 shows a full set of reports similar to those shown in FIGS.6-7, 11-12, 16-17 and 21-22 for a third client.

To illustrate the feature wherein potential market losses areidentified, the Class Action Activity Filings Reports show adisproportionate percentage of lawsuits where the financial entity has apotential market loss. For a typical financial entity, most of theentries in this report would show a trade status of NACT (no activity),and thus no estimated market loss.

II. Description of Barrack Rodos & Bacine's Proprietary Database andReporting System for the Embodiment of the Present Invention DescribedAbove.

1. Platform

a. The platforms used in the Barrack Rodos & Bacine reporting systemare: Windows NT/2000/XP, Microsoft SQL Server and Microsoft InternetInformation Server (IIS).

b. Programming languages are Transact-SQL, Perl, XML and XSLT.

2. User authentication

a. Users (clients)

-   -   i. A user visits the site and is redirected to a login page. The        user enters username and password, which is compared to        information in the database. If the user logs in correctly, the        system creates a session ID in the database associated with the        user, and stores a cookie on the user's browser containing the        session id. Subsequent visits during this session are        authenticated using this session id.    -   ii. Users are associated with clients in the database. The        system uses this relationship to determine what information to        show a user.    -   iii. The user is taken to the reporting home page, which is        customized for each client with a list of available reports        relating to securities cases. The user selects a report and is        asked to provide any requisite parameters (e.g. a range of dates        for the report), and is taken to the report itself. The user can        also choose to download the report as a spreadsheet or view the        report in a printable format. Since the user is associated with        a given client in the database, he or she can only view that        client's reports.    -   iv. Reports access the “transactions”, “claim file_dates”,        “claim_stats” and “claims_admin” tables in the database. Each        report uses a unique client indentifier to identify information        for a particular client.

b. Users (Administrators)

-   -   i. An administrative user has the same login and session        maintenance as a client user. However, an administrative user is        not associated with a client, but rather is a member of an        administrator's group. As a member of this group, an        administrator can view any client's reports and can add and edit        clients as well as add and edit users.

3. Database diagram—See FIG. 32.

4. Computer code for report generation. The Appendix provides sourcecode associated with the reports for the first embodiment of the presentinvention described above.

The report generating software is periodically executed, such as onceevery hour, so that the reports are current when accessed by theclients. The reports themselves are static information and are uploadedto a server site for 24 hour client access.

III. Creation and Maintenance of a First Database of TransactionActivity for a Financial Entity

The reports of FIGS. 1-22 reflect the transaction activity of theNirvana Pension Fund. FIG. 33 shows a representation of transactionactivity as obtained from the custodial records of the Nirvana PensionFund. For illustration purposes only, the portfolio of this fundgenerally purchases a block of shares at the beginning of each year andsells the shares after five years. One exception is the shares ofGuidant Corporation which were purchased and sold within a six weekperiod.

The transaction activity correlates with the reports. For example,referring to FIGS. 6 and 33, Nirvana purchased 60,000 shares ofRegeneron Pharmaceuticals on Jan. 2, 2003 and the class period for theRegeneron lawsuit is for any purchase from Mar. 28, 2000 to Mar. 30,2003. Thus, Nirvana had an estimated market loss for this security.Nirvana had no transaction activity for Stellent, Inc. so the reportshows no estimated market loss for this record. Likewise, there were nolawsuits filed for Home Depot during the search dates of the report, sothere is no entry for Home Depot in the report even though Home Depotstock was purchased during the report period.

In one preferred embodiment of the present invention, the first databaseof transaction activity for a financial entity is obtained from thecustodial records of each financial entity. The custodial recordsinclude trade data that allows a determination to be made as to whethera financial transaction falls within the class period for a givenlawsuit. The manner in which custodial records are accessed, stored,filtered and maintained will depend upon recordkeeping practices anddata storage formats of the custodian and the service provider (here,Barrack, Rodos & Bacine). Each custodian may store and download theircustodial data in a different format and may have a differentavailability of historical data (e.g., one month of data, one year ofdata). The service provider will typically need to develop and maintainits own database of transaction activity since custodians usually cannotprovide historical data for the financial entities, especially inimmediate downloadable electronic form. Thus, the service provider mayneed to log onto the custodial records once per month, download thelatest month of transaction data, and append it to its own database ofpast transaction data for the financial entity. In this manner, theservice provider will always have a full set of transaction data for thefinancial entity. Thus, if five years from now, a lawsuit is filed for aclass period that covers 2003, the service provider will already havethe transaction activity for 2003 in its database. If a custodial bankalways allows access to a complete historical database of transactionactivity, then it may not be necessary to perform the piecemealdownloading and appending process to build the database of historicaldata.

Custodians provide transactional data in unpredictable and inconsistentformats. Accordingly, data must be retrieved and converted (parsed) intoa unified format and the converted data placed into a common repository.The service provider uses the converted data to determine, for any givensecurity, the client's holdings through a range of dates, detailedinformation about each transaction in the subject security, and theclient's losses on those transactions, if any, during a specified timeperiod.

Some custodial banks and their related websites that provide electronicaccess to custodial records of a financial entity are listed below:

State Street Bank: In-Sight On-line System(https://www.iisonline.statestreet.com/)

Bank of New York: INFORM (https://inform.bankofny.com)

Northern Trust: (http://www.northerntrust.com/)

The process for logging into these password-protected sites, accessingand searching the custodial records, and downloading the records iswell-known and thus is not described further.

FIG. 34 is a schematic diagram of the custodial record retrieval andstorage process. The service provider communicates with each custodianusing the appropriate communication protocol to obtain the latesttransaction activity and filters the data accordingly using a parsingengine or the like. In this example, two different financial entitiesare located at the same custodian 1. The filtered data is then stored inhistorical databases for each financial entity.

Some custodial banks do not allow custodial records to be electronicallydownloaded, but the custodial records can be printed out. Other banksmay not even allow for electronic access to such records, but willprovide periodic statements to their customers. For such banks, theprinted records can be scanned into a database and filtered to be placedin the standardized format necessary for storage in the database shownin FIG. 34.

As discussed above, each custodial bank has a different log-in process.If the system is deployed for a large number of clients, then there willlikely be a large number of custodial banks. To avoid the time-consumingprocess of logging into each of the custodial bank, scripts arepreferably written for each custodial bank so that the log-in and recordaccessing process can be automated.

IV. Creation and Maintenance of Second Database of Securities ClassAction Lawsuits

Many databases exist that contain securities class action lawsuits. Onepublicly accessible database is the Index of Filings maintained by theStanford Law School Securities Class Action Clearinghouse, incooperation with Cornerstone Research. This database is accessible atthe following website: http://securities.stanford.edu/companies.html.Any such database may be used as the second database of the presentinvention. In one preferred embodiment of the present inventiondescribed in the previous figures, a proprietary database is created andmaintained using a semi-customized commercially available legal mattermanagement system from LegalEdge™ Software, Wayne, Pa. The software isalso used for tracking client data. Specifically, if a financial entityhas a potential monetary claim, the software is used to store theinformation associated with the claim that is shown in the reports above(e.g., estimated market loss, eligible loss, recovery received)

FIGS. 35-39 show sample input screens for entering the lawsuits andtracking client data. FIGS. 36-39 show information for the CendantCorporation lawsuit that appears in the reports.

The Private Securities Litigation Reform Act (PSLRA) of 1995 includes anotice provision that reads, in part, as follows:

-   -   Not later than 20 days after the date on which the complaint is        filed, the plaintiff or plaintiffs shall cause to be published,        in a widely circulated national business-oriented publication or        wire service, a notice advising members of the purported        plaintiff class—        -   (I) of the pendency of the action, the claims asserted            therein, and the purported class period; and        -   (II) that, not later than 60 days after the date on which            the notice is published, any member of the purported class            may move the court to serve as lead plaintiff of the            purported class.            These notices are thus readily available from a wide variety            of electronic media sources and can be located almost            immediately on a daily basis. For example, a daily search on            Yahoo Advanced News using key words that typically appear in            such notices can be run to locate the lawsuits. Newspapers            such as the New York Times, USA Today and Investor's            Business Daily can also be monitored for such notices.            Settlements notices are also posted in these sources. Once a            new lawsuit is identified or a status change of existing            lawsuit is identified (e.g., change in class period,            settlement announcement), then the second database (here,            the LegalEdge database) must be updated accordingly.            V. Estimated Market Loss Calculation

If a potential monetary claim is identified for a financial entity basedon a newly entered lawsuit, then an estimated market loss calculation isperformed. The result is entered into the Transactions window ofLegalEdge, as shown in FIG. 38.

One method of calculating the estimated market loss is the“first-in/first-out (FIFO) method as described below:

i. Background

Plaintiffs in securities class action lawsuits are required to sign aCertification which includes a listing of all purchases and sales ofsecurities of the named defendant company during the stated ClassPeriod. For each purchase or sale, the trade date, number of shares, andprice per shares are listed. Under the law, it is the actual price paidor received that must be used and not an “average” price and only sharespurchased during the class period are allowed to obtain recovery. Tocompute the loss for shares purchased in the Class Period, generallyspeaking, sale proceeds from shares purchased during the period aresubtracted from the cost of those shares and the “retained value” issubtracted from the purchase price of shares purchased and retainedduring the class period. The “retained value” is the average of theclosing prices for the 90 day period following the end of the ClassPeriod (15 U.S.C. §78u-4(e)).

ii. “FIFO” Method

To precisely compute the loss for shares sold during the class period,it is necessary to match each share sold with a prior purchase. As it isgenerally impractical to search for the actual stock certificate numbersconnected with each purchase and sale—particularly when dealing with thevolume of transactions typical of an institution seeking to serve aslead plaintiff—courts have generally recognized the “first-in,first-out” accounting method to match class period sales to priorpurchases and calculate loss. The first-in, first-out, or “FIFO” method,assumes that the earliest acquired shares are sold first. No loss orgain is computed on shares purchased before the class period even if theshares are sold in the class period, because the law only permitscalculations of gain or losses for those shares purchased in the classperiod. Thus, shares sold during the class period are first matched tothe “prior balance” of shares purchased prior to the class period.

iii. Examples

The class period of the lawsuit is Feb. 1, 2000 through and includingAug. 4, 2000. The transaction records indicate that the investment fundof the client purchased 2000 shares of XYZ company on Mar. 2, 2000 at$100/share and sold those same shares on May 29, 2000 at $50/share.One-half of the initial investment has been lost, as shown on the chartin FIG. 40. However, if the fund had a beginning balance on Feb. 1, 2000of 100,000 shares, then the above 2000 shares sold would not be matchedagainst the 2000 shares purchased on Mar. 2, 2000, but would be matchedagainst the beginning balance of 100,000 shares. If the stock continuedto decline to a retained value of $20.00 at the end of the class period,the loss would be $160,000, as shown on the chart in FIG. 41.

The estimated market loss calculation may be manually calculated or maybe automatically calculated based on preprogrammed algorithms. In eitherinstance, it is preferable to use a spreadsheet for the calculation,such as an Excel spreadsheet. In one preferred embodiment of the presentinvention, a link is provided on the reports shown in FIGS. 5, 10, 15and 20 which allows the client to access and view the spreadsheet. Thelink is not shown in these figures, but is preferably provided adjacentto each estimated market loss value.

VI. Eligible Loss Calculation

If or when a lawsuit settles for which an estimated loss value exists,then an eligible loss calculation is performed. The result is enteredinto the Transactions window of LegalEdge, as shown in FIG. 38.

The eligible loss is determined using the formulas contained in the Planof Allocation, developed by experts hired by plaintiffs' counsel in asecurities class action and are unique to the class action in question.The formulas, which differ for each securities class action arecompletely out of the control of the claimants in that action (althoughclass members can and sometimes do object to a Plan of Allocation beforea court gives final approval to the settlement and allocation).

In the Cendant case, the Nirvana Pension Fund purchased 70,000 shares ofCUC Corp. (the predecessor to Cendant) on Jan. 2, 1996 at $23.00 pershare & sold those shares on Dec. 31, 2001 at $19.61 per share, as shownin FIG. 33.

Nirvana's eligible loss for Cendant is calculated as follows:

In accordance with the Plan of Allocation approved by the Court anddescribed in detail in the Notice of Settlement of Class Action issuedat the direction of the Court on Apr. 7, 2000, for CUC shares purchasedbetween May 31, 1995 and Aug. 28, 1998, that were still held as of Aug.28, 1998, the Loss Amount is the per share amount indicated in Table Aattached to the Plan of Allocation for the date that share waspurchased. The Loss Amount for Jan. 2, 1996 is $2.47. Thus, Nirvana'seligible loss is 70,000×$2.47 or $172,900.

The eligible loss calculation may be manually calculated or may beautomatically calculated based on preprogrammed algorithms. In eitherinstance, it is preferable to use a spreadsheet for the calculation,such as an Excel spreadsheet. In one preferred embodiment of the presentinvention, a link is provided on the reports shown in FIGS. 15 and 20which allows the client to access and view the spreadsheet. The link isnot shown in these figures, but is preferably provided adjacent to eachestimated market loss value.

VII. Additional Disclosure

The present invention may be implemented in a variety of different ways.In the embodiment of the invention described above, the service providermaintains historical transaction data for a plurality of financialentities and is provided access to new transaction data. Likewise, asecond database of lawsuits is maintained. Whenever any new lawsuits areadded to the second database or if the record for a lawsuit alreadyexisting in the database is modified or updated (such as by changing theclass period), the transaction activity for each financial entity isreviewed to identify any securities purchased or acquired by eachfinancial entity that are associated with the securities class actionlawsuit and which may provide a potential monetary claim for therespective financial entity. If a settlement is announced in a lawsuitthat exists in the database, eligible loss calculations areautomatically or manually performed for all estimated loss entries.

If a new financial entity (client) is added to the system, there will bean agreement between the client and the service provider regarding howfar back in time the transaction activity will be checked. This willdepend upon the availability of the transaction records and otherpractical considerations. Initially, all of the transaction activitywill be checked against every lawsuit in the second database.Thereafter, only new or modified lawsuit records will need to bechecked.

In an alternative embodiment of the invention, the report module is notnecessarily used. Instead, the following steps are performed:

1. A database of transaction activity is accessed for one or morefinancial entities. The transaction activity includes for each financialentity, an identification of each security purchased or acquired; andthe date of each purchase or acquisition.

2. A database of a plurality of securities class action lawsuits isaccessed. The database includes for each lawsuit an identification ofall securities associated with the class action lawsuit, and the classperiod of the lawsuit.

3. The transaction activity of the one or more financial entities isautomatically compared with the database of the securities class actionlawsuit.

4. Any securities purchased or acquired by each financial entity duringthe class period that are associated with a securities class actionlawsuit are identified. The identified securities may provide apotential monetary claim for the respective financial entity.

This alternative embodiment may be used for a financial entity that maynot wish to subscribe to a service that can provide up-to-date reportsand follow-up monitoring of relevant lawsuits. Such a financial entitymay upload its own trading records if no automated custodial bank accesscan be facilitated or if no custodial records are readily available. Thefinancial entity may receive a report of any potentially relevantlawsuits, but no permanent, retrievable report records will beestablished or maintained at the service provider for the financialentity.

The volume of data in the system (both transaction records andlawsuits), the speed of the system computers, and other practicalconsiderations will determine how frequently and how thoroughlycomparisons are done between transaction records and lawsuit records.Notwithstanding these factors, the searches are always redone if theclass period of a previously entered lawsuit changes. This typicallyoccurs upon settlement when the class period is often narrowed. If nochanges are made to the class period or settlement status of aparticular lawsuit, then it is typically not necessary to rerun a searchof the security associated with the lawsuit against the transactionactivity of a financial entity because no new reportable informationwould be identified. That is, if new transaction activity is added forthe financial entity, then it is not likely that the new activity wouldresult in an estimated market loss since the class period for thelawsuit would always be a time period prior to the new transactionactivity.

To select the appropriate “Action Recommended” terms for entry into thereports, it is typically necessary for a technical expert such as asecurities class action attorney an/or an accountant to manually analyzethe client's holdings with respect to the claims made in the lawsuit andthe total securities holdings of the company subject to the lawsuit.However, some selected actions can be automatically determined based onpreprogrammed algorithms. For example, the PSLRA includes a presumptionthat the lead counsel may be the person who “has the largest financialinterest in the relief sought by the class.” If the eligible classmembers of a lawsuit are those who purchased stock during the classperiod, then an initial recommendation can be made by automaticallydetermining what percentage of the company's total stock was purchasedby the financial entity during the class period. If the percentage isgreater than a predetermined value, then lead counsel may berecommended. Alternatively, if the percentage is less than apredetermined value, the action of only monitoring the case may berecommended. If the percentage is extremely low, the action recommendedmay be automatically selected to be “none.” Estimated loss valuethresholds may also be used to automatically select theserecommendations.

The present invention allows a financial entity to more easily fulfillits fiduciary duty to evaluate its position with respect to any givensecurities class action lawsuit, and track any identified potentialmarket loss through the conclusion of a lawsuit. The all inclusive ClassAction Activity Filing Report is particularly helpful since a financialentity can quickly respond to inquiries as to whether the financialentity has a potential market loss with respect to any particularlawsuit. The Pending Class Action Monitor Report is particularly usefulin that it allows a financial entity to get a comprehensive overview ofonly the lawsuits that provide a potential monetary claim, as well asthe estimated market loss. This allows the financial entity to quicklydetermine which lawsuits to focus attention on, especially if an activerole in the lawsuit is recommended.

3. Detailed Disclosure of a Second Embodiment of the Present Invention

The second embodiment of the present invention is an enhanced version ofthe first embodiment, and is also marketed under the trade name BEAMS®.The enhancements include the ability to create a report of noteworthycases and a watchlist report. Certain “Trade Status” terms, “ActionRecommended” terms, and “Claim Status” terms are different in the secondembodiment. The terms used in the second embodiment are as follows:

1. Trade Status Terms:

Activity ACT Activity/Foreign Only ACTFGN Activity/Bonds & Foreign OnlyACTFGNBONDS Activity/No Claim ACTNC Activity w/Profit ACTPFT Bonds OnlyBONDS INSPHONE client contacted (awaiting response) CONTACTDataNotAvailable D/N/A Detail Info Not Available DET/N/A DataIncompleteDINC DataIncomplete/Activity DINCA DataIncomplete/NoActivity DINCN DataIncomplete/Profit DINCP Data Incomplete Sales Activity DINCSInstitutional Phone Client INSPHONE No Activity NACT Not ContactingINSPHONE Client NCONTACT No Purchased in Class Period NPRCHS Activity -BRB Not Counsel of Record OTHER Transactional Information RequestedREQUEST Sales Activity Only SACT Search Pending SRCHPEND Expanded ClassPeriod Search Pending SRCHPENDEX To Be Contacted TBCONTACT2. Action Recommended Terms:

Calculation Under Review CALUR Chart in Progress CHINPROG Extended ClassChart In Progress CHINPROGEX Recommended File Derivative Action FDARecommended File Individual Action FIA Institutional Phone clientINSPHONE Investigate INV Loss Outside of Period/Possible IndividualAction LOCP Monitor M Monitor/Active MA Monitor/Active/Lead NotRecommended MALNR Monitor/Passive MP Monitor/Pending Statement MPS NoneN Not Applicable N/A None/Claim Filed NCF None/Case Dismissed NDISNone/Distributed NDIST None/Recovery Received NRR Possible Claim PCAwaiting Response from Custodian/Client PENDING Partial Loss Outside ofPeriod/Possible Individual PLOCP Action Recovery Forward RF RecommendedLead RL Recommended Lead/Appointed RLA Recommend Lead/Client RejectedRLCJ Recommended Lead/Moved RLM Search Pending SRCHPEND Expanded ClassPeriod Search Pending SRCHPENDEX Eligible Loss Chart in ProgressSTCHINPROG Under Review UR Withdrew as Lead Plaintiff WITH3. Claim Status Terms:

Claim Filing Deadline has Passed CDP Claim Filed CF ClaimFiled/Ineligible CFNR Client Investigation Required CLINV CustodianNotified of Upcoming Claim Deadline CN Custodian Filed Claim CUSTCFFunds Distributed DIST Not Applicable N/A No Claim NC No Claim on FileNCF Opted-Out OPTOUT Recovery Received RR To Be Filed TBF To Be VerifiedTBV

FIGS. 42A and 42B are user interface display screens for showing companyinformation. The company information is the financial entity that hasenrolled in the service.

FIGS. 43 and 44 show litigation player relationships and litigationmatter information.

FIG. 45 shows important transaction dates related to a particularlitigation.

FIG. 46 is a sample loss chart for the holdings of a particularfinancial entity.

FIG. 47 is a sample financial summary chart for the holdings of aparticular financial entity.

FIG. 48 shows transaction data for a particular financial entity relatedto a particular security associated with a class action lawsuit.

FIG. 49 is a sample retention value summary report that shows marketpricing data for a particular security associated with a class actionlawsuit.

The information shown in FIGS. 42A, 42B and 43-49 is used in the samemanner as described in the first embodiment.

FIG. 50 shows a sample “Recent Noteworthy Cases” report. Noteworthycases are identified as such by the entity that administers the system(e.g., Barrack, Rodos & Bacine). The criteria for being a noteworthycase (i.e., lawsuit) may be lawsuits where the potential market loss forall eligible parties is greater than a predetermined value.Alternatively, other criteria may be used in combination with, orinstead of, financial value.

FIGS. 51A and 51B show a sample Class Action Activity Filing Report.

FIGS. 52A and 52B show a sample Pending Class Action Monitor Report.

FIGS. 53A and 53B show a sample Pending Claims Administration Report.

FIG. 54 shows a sample Claims Recovery Report.

FIG. 55 shows details for a particular lawsuit that has a potential lossfor a particular financial entity. From this display screen, the usermay add this lawsuit to the watchlist.

FIG. 56 shows a sample watchlist. The watchlist includes a subset oflawsuits in the lawsuit database that are identified by the user aslawsuits of particular interest. If a lawsuit has a potential monetaryclaim for the user, the report shows the claim. Here, five of the sixentries have potential monetary claim. A lawsuit will remain on thewatchlist until the user manually deletes it.

FIG. 57 is a self-explanatory entity relationship diagram of thedatabase associated with the second embodiment of the present invention.

As discussed above in the first embodiment of the present invention, onemethod of calculating the estimated market loss is the“first-in/first-out (FIFO) method. In an alternative embodiment, theestimated market loss may be calculated using the “last in/first out(LIFO) method.

The present invention may be implemented with any combination ofhardware and software. If implemented as a computer-implementedapparatus, the present invention is implemented using means forperforming all of the steps and functions described above.

The present invention can be included in an article of manufacture(e.g., one or more computer program products) having, for instance,computer useable media. The media has embodied therein, for instance,computer readable program code means for providing and facilitating themechanisms of the present invention. The article of manufacture can beincluded as part of a computer system or sold separately.

It will be appreciated by those skilled in the art that changes could bemade to the embodiments described above without departing from the broadinventive concept thereof. It is understood, therefore, that thisinvention is not limited to the particular embodiments disclosed, but itis intended to cover modifications within the spirit and scope of thepresent invention.

1. A computer-implemented apparatus for creating reports of noteworthysecurities class action lawsuits customized to show potential monetaryclaims resulting from the lawsuits for securities purchased or acquiredby one or more financial entities, the apparatus comprising: (a) adatabase of securities class action lawsuits, the lawsuit databaseincluding a subset of securities class action lawsuits that are deemedto be noteworthy by the entity that administers the system, and for eachfinancial entity; (b) a comparator in a computer that comparestransaction activity of a financial entity with records in the databasesubset of securities class action lawsuits to identify any securitiespurchased or acquired by the financial entity that are associated with asecurities class action lawsuit in the lawsuit database and which mayprovide a potential monetary claim for the financial entity; and (c) areport creator that automatically creates a report of the noteworthylawsuits, and for the lawsuits that were identified by the comparatorand which are deemed to be noteworthy, the report including thepotential monetary claim for the financial entity based on thetransaction activity of the financial entity.
 2. The apparatus of claim1 wherein the lawsuits that are deemed noteworthy are lawsuits where thepotential market loss for all eligible parties is greater than apredetermined value.
 3. A computer-implemented apparatus for creatingwatchlist reports of securities class action lawsuits of interest tofinancial entities customized to show potential monetary claimsresulting from the lawsuits for securities purchased or acquired by oneor more financial entities, the apparatus comprising: (a) a database ofsecurities class action lawsuits; (b) a watchlist database of lawsuitsmaintained for each financial entity which includes a subset of lawsuitsin the lawsuit database that are identified by the financial entity aslawsuits of particular interest; (c) a comparator in a computer thatcompares transaction activity of a financial entity with records in thedatabase subset of securities class action lawsuits to identify anysecurities purchased or acquired by the financial entity that areassociated with a securities class action lawsuit in the lawsuitdatabase and which may provide a potential monetary claim for thefinancial entity; and (d) a watchlist report creator that automaticallycreates a watchlist report of the watchlist lawsuits, and for thelawsuits that were identified by the comparator and which are on thewatchlist, the watchlist report including the potential monetary claimfor the financial entity based on the transaction activity of thefinancial entity.
 4. The apparatus of claim 3 wherein the watchlistreport further includes an action recommended to be taken by thefinancial entity for the lawsuits that were identified by thecomparator.
 5. The apparatus of claim 3 wherein the watchlist reportfurther includes the case status for each of the lawsuits.